WorldCom Incorporated

WASHINGTON — Outside accountants and lawyers who reveal fraud and wrongdoing at publicly traded companies are protected as whistle-blowers just as employees are, the Supreme Court ruled, expanding the reach of an anti-fraud law passed in the wake of the collapse of companies such as Enron Corp. and WorldCom Inc.

The 6-3 decision Tuesday will affect the mutual fund and financial services industries in particular because they rely heavily on outside contractors and advisors.

Denying whistle-blower protection to all outside employees of such companies would leave a "huge hole" in the 2002 law, said Justice Ruth Bader Ginsburg, noting that most mutual fund companies hire...

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WASHINGTON — Outside accountants and lawyers who reveal fraud and wrongdoing at publicly traded companies are protected as whistle-blowers just as employees are, the Supreme Court ruled, expanding the reach of an anti-fraud law passed in the wake of the...